XRP, that fickle minx, has slipped 1.3% to a modest $2.13. A one-week tumble, a 3.5% descent-and let us not forget, a 40% plunge from its July high of $3.65. Oh, the drama! The spot volume? Down 27%, to a mere $3.41 billion per day. Traders, those skittish creatures, are retreating like a cat from a cucumber. 🐱🥒
This failure to reach new heights aligns perfectly with a “critical threshold” (that’s a fancy way of saying things are not looking good) identified by Glassnode’s Supply Quantiles Cost Basis Model. This tool tracks the cost basis of large segments of circulating supply-basically, it measures how much risk is hanging over our heads.
In a missive to the U.S. Securities and Exchange Commission (SEC), this bastion of tradition extolled the virtues of tokenized equities and blockchain rails as “innovation.” Oh, the sweet serenade of progress! Yet, like a serpent in Eden, Citadel hissed its true intent: DeFi platforms, those rebellious offspring of decentralization, must be shackled to the same chains as their traditional forebears. 🦴⚖️
In an official announcement made Thursday (we’re still shaking our heads over this), Acting CFTC Chair Caroline Pham, undoubtedly with a straight face, declared that this glorious decision was made in direct response to a string of policy directives from the ever-controversial US President Donald Trump. You know, because why not? Who better than the man who’s already mastered Twitter to lead the charge into crypto trading? 🤷♀️
Up until now, the American crypto scene was a wild frontier – unregulated, unpredictable, a digital Wild West where trillions of dollars roamed like ghostly specters, largely beyond the reach of the law or common sense. State-level platforms or no regulation at all kept institutional capital in shadowed corridors, scared stiff, and longing for regulation like a convict craving parole. But no more! Now, the CFTC, that venerable regulatory relic, will start listing spot crypto, inviting the brave and the naive alike into a sanctuary of superficial order. Acting Chairman Caroline D. Pham, a hero or a menace, called it a “historic milestone,” as if building a decent bridge to the future. And her quote? “Now, for the first time ever, spot crypto can trade on CFTC-registered exchanges that have been the gold standard for nearly a hundred years.” Ah, the irony! Gold standard, indeed, if you ignore the fact that gold, in truth, is just a shiny rock buried in the dirt beneath our feet.
Crypto analyst Pumpius-who clearly spends too much time on X (formerly Twitter), probably in a bunker-says that a supply shock isn’t about mooning prices or wild speculation. Nope! It’s about tokens disappearing faster than your paycheck after a weekend at the Ermitage. Tokens are snatched from circulation and not replaced, creating a shortage-a rare sight, almost as rare as a politician telling the truth.
By Shayan, the soothsayer of charts, who watches with quiet despair, seeking signs in the chaos.
At present, you see, cross-border payments made with these digital doodads aren’t counted in the official tally, even though they’re mucking about with the ruble and the broader financial markets. The powers that be are now viewing crypto not just as a bit of a punt, but as a proper part of the economic machinery. Rather sporting of them, don’t you think? 🧐
Bitcoin, oh Bitcoin, thou hast proven thyself a reserve asset of the highest order. Yet, when one attempts to use thee, thou art stuck in the year 2017, with confirmations slower than a philosopher’s ponderings and fees as unpredictable as a courtier’s loyalty. 😒
Ah, dear reader, let us speak of the great Bitcoin ballet, where sovereign funds waltz into the market like overzealous clowns, tossing gold coins into the air as the price pirouettes from its lofty perch of $126,000 to the more modest $80,000. Larry Fink, that jester of finance, whispers of these nameless sultans of wealth, … Read more
